Tax exemption on freight earnings prevents income and turnover taxation on bilateral national cargo carried by each country's vessels. The Central Government directs implementation of Article 9 of the India-GDR Merchant Shipping Agreement such that no income tax or turnover tax shall be levied on freight earnings or profits from national cargo carried by the other Party's vessels, including time charters between ports. The Agreement further defines vessel and crew scope, mutual recognition of seamen's documents and ship certificates, most favoured nation port treatment, facilitation of maritime formalities, parity in carriage arrangements, and links payments and expenses under the Agreement to the Trade and Payments Agreement in force, with an Inter Governmental Joint Committee to supervise and resolve issues.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax exemption on freight earnings prevents income and turnover taxation on bilateral national cargo carried by each country's vessels.
The Central Government directs implementation of Article 9 of the India-GDR Merchant Shipping Agreement such that no income tax or turnover tax shall be levied on freight earnings or profits from national cargo carried by the other Party's vessels, including time charters between ports. The Agreement further defines vessel and crew scope, mutual recognition of seamen's documents and ship certificates, most favoured nation port treatment, facilitation of maritime formalities, parity in carriage arrangements, and links payments and expenses under the Agreement to the Trade and Payments Agreement in force, with an Inter Governmental Joint Committee to supervise and resolve issues.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
